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Bitcoin (BTC) just reached its lowest price in six weeks after trading sideways for around a week.
The coin has been seeing drops, followed by a period of trading sideways and another drop. The rest of the market has been performing similarly, following Bicoin’s lead.
After this price move, the largest crypto lost almost $100 million in liquidations.
The last time Bitcoin price reached these lows was around June 21. The last bit of volatility also harmed over-leveraged tokens, especially those with long positions.
Data suggests that over 35,000 trades have been liquidated, with the most significant order being over $1 million, which appeared on Bybit.
Bitcoin Price Sees Another Drop
Bitcoin saw its latest big drop in the early hours of today, following a week of primarily sideways trading, with the price between $29k and $29.5k.
The price previously dropped to this range around July 24, when it broke support at $30k after more than a month of using it as its base.
In the week between July 24 and August 1, the coin kept trying to push past resistance at $29.5k and return to the $30k level.
However, it was unsuccessful, and the highest it could reach was $29.6k.
With the start of the new month, Bitcoin saw a sharp drop that led it to its lowest point in about a month and a half, sinking to $28,824.
In the last few hours, the coin saw some recovery that brought it to $28,972, which is where its price sits at 8.45am EST.
However, experts believe this is only the beginning of Bitcoin’s new bearish period. According to some predictions, the coin will not stop until it reaches $18k.
Coinbase Denies SEC Ordered it to Delist Everything but Bitcoin
Recently, Coinbase CEO Brian Armstrong shocked the crypto industry by revealing that the US SEC had ordered Coinbase to delist all cryptos apart from Bitcoin, calling them securities.
When Coinbase refused, the SEC, led by Gary Gensler, filed a lawsuit against the platform. Now, however, Coinbase publicly denied Armstrong’s statement.
A Coinbase spokesperson reacted to the news, stating that Armstrong’s words in a Financial Times interview were taken out of context and that the statement is inaccurate as it stands.
Republican Presidential Candidate Ron DeSantis Condemns War on Bitcoin
A Republican presidential candidate and Florida Governor, Ron DeSantis, has issued a statement condemning the Biden administration’s war on Bitcoin.
He said that the war would end if he were elected president and that he would stop the alleged plan to replace cryptocurrencies with a CBDC.
“Biden’s war on bitcoin and cryptocurrency will come to an end when I become president.”
— Gov. Ron DeSantis (R-FL), while outlining his economic policy plan in New Hampshire pic.twitter.com/dphw9dhFgz
— The Recount (@therecount) July 31, 2023
XRP20 Blows Up During Presale
As Bitcoin suffers another drop, many have decided to drop the world’s first cryptocurrency for now. Fortunately, another crypto has emerged that promises outstanding performance — XRP20 (XRP20).
The new digital asset aims to reignite the passion of the XRP army with an ERC-20 token that carries XRP’s name.
Not only that, but it also brings staking utility. It is selling 30 times cheaper than the actual XRP, offering those who missed the launch of the original XRP a new opportunity to earn.
The token managed to raise over $2,350 right after the presale launch. However, it still has ways to go until it reaches its soft cap of $1.85 million.
Each XRP20 is now available for $0.000092 per token, and you can buy them with ETH or USDT.
Apart from allowing staking, the token will also see deflationary burning, so even after the presale, it will create conditions to increase its value.
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